While the global hotel market is struggling to regain footing amid a challenging economic climate, Brazilian hotels, a stand-out in the market, hit a record year of revenue per available room (RevPAR) performance during 2008, according to Jones Lang LaSalle Hotels' annual bi-lingual research study, Lodging Industry in Numbers - Brazil 2009. The firm's one-of-a-kind report provides a detailed performance analysis of more than 300 Brazilian hotels, condo hotels and resorts during 2008, additionally revealing that departmental profits marked an increase in 2008 with resorts at the forefront of the gains.
"Over the past four years, Brazilian RevPAR growth averaged 9 percent annually, outstripping the country's GDP growth which grew on average by 5 percent per year," said Ricardo Mader, executive vice president for Jones Lang LaSalle Hotels in São Paulo. "During 2008, properties in the survey sample achieved their highest-ever RevPAR, up 7 percent from the previous year to a total of BRL 104," said Mader.
Exposed to the global economic crisis, occupancy rates are marking a drop across all Brazilian hotel segments this year. However, due in part to exchange rate conversions, average daily rates are expected to maintain similar growth trends as evidenced over the past two years. Economic forecasts call for Brazil to suffer considerably less and for a shorter duration than most of the world's mature markets.
"If the current growth estimates of the Brazilian economy for the second half of 2009 are achieved, RevPAR is set to record positive growth during the year," said Manuela Gorni, senior vice president for Jones Lang LaSalle Hotels in São Paulo.
"Due to increased top-line performance, the surveyed hotels' gross operating profit (GOP) showed a significant increase, climbing to 28 percent of gross revenues, up from 26 percent in 2007," said Clay Dickinson, executive vice president for Jones Lang LaSalle Hotels.
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